Store closures likely for childrenswear chain

Administrators for British childrenswear chain Adams today warned store closures were likely following the collapse of the business earlier this week.

PricewaterhouseCoopers (PwC) will make a further announcement early next week, but in the current retail environment it said some shop closures were expected as a result of its appointment.

Adams operates 271 own-brand stores and concessions, including 29 in Ireland, employing 3,200 in total.

Rob Hunt, joint administrator and partner at PwC, said the business continued to trade but added that an urgent review of the company’s financial position was under way in order to assess which stores can remain open.

He added: “Adams Kids is a well known brand on the high street and we remain hopeful that it will prove attractive to a purchaser. However, the current difficulties in the retail environment are such that some store closures are likely.

“We plan to make further communications early next week.”

Adams confirmed on Monday that it planned to go into administration after a creditor began proceedings against it. PwC was appointed today.

Worsening economic conditions have claimed a slew of high street victims in the past weeks, marking a devastating festive season for the retail sector.